A MarsBit article titled around whether MicroStrategy will enter a “death spiral” and how the macro environment may develop in the second half focuses on the company’s preferred shares, debt pressure, and Bitcoin holdings. The article says these pressures could lead to continued small-scale Bitcoin sales, which has triggered concern in the Bitcoin market over a potential “death spiral” dynamic.
The discussion links MicroStrategy’s financing structure with its Bitcoin position. According to the article, the concern is not only about the size of any single sale, but about the relationship between debt pressure, asset disposals, and market confidence. This is the context in which the “death spiral” debate is being framed.
The article also broadens the discussion to artificial intelligence. It states that AI is reshaping production factors, while tokens are being viewed as a new form of labor force. This narrative is described as one driver behind the rise of the U.S. stock market’s AI industrial chain. At the same time, the article explains that crypto exchanges turning toward U.S. equities is a natural choice based on liquidity and asset value realities. Looking to the second half of the year, it judges that macro uncertainty is rising, while maintaining a long-term positive view on the integration of AI and Web3.